Receiving a Director Penalty Notice (DPN) will be a confronting experience for any company director.
Sewell & Kettle Lawyers have been added to the preferred supplier list for the US Consulate to assist US citizens and companies doing business in Australia.
Last week was a busy week for educating and meeting solicitors in Sydney and Melbourne. Lots of solicitors are interested in finding out more about the new safe harbour from insolvent trading (section 588GA Corporations Act). So the firm is…
The case of ASIC v Plymin is significant for lawyers because it sets out a list of indicators that can help us understand when a company will be found to be insolvent. The general rule in law is that company insolvency is proven by a cash-flow test not a balance sheet test.
A dispute over a linear accelerator sounds like a James Bond movie but such dispute went to Court recently. A landlord, an equipment supplier, an administrator and bank all claimed an interest in the $9 million medical equipment and the eventual winner was the equipment supplier who sold the linear accelerator on credit. Fixtures are […]
Whenever a business considers lending money or selling goods it should consider whether it might be worthwhile to protect that lending with a personal property security, such as a PMSI. This will place the business in a much better position if the debtor goes bust. However, if you are creditor (or former creditor) and end up receiving a demand from a liquidator relating to an unfair preference, don’t despair.
In article: When a business provides finance or goods or services on credit, they need to consider how best to protect themselves from non-payment by their debtor. One important way of doing this is by registering a personal property security.…
The Personal Property Securities Act (PPSA) has implemented a single national register that applies to all personal property security interests. The PPSA has also provided us with a set of priority rules to determine disputes between competing security interests. Of particular note is the Purchase Money Security Interest (or PMSI). A PMSI is a security […]
With inflation and interest rates on the rise some of your customers may be looking for ways to manage a liquidity squeeze. Unfortunately, those customers may see their trade suppliers as an “alternative financier” and may either extend your trading terms or indefinitely delay payment to ease […]
Litigation is often an expensive exercise and legal costs can fluctuate quickly. Here are 7 ways to help limit the costs involved in litigation.
When you lend money, or offer goods or services on credit, how do you protect your interest in the case of non-payment of the debt? In this article, we consider how you might secure this debt with an interest in land. Key mechanisms for doing this are via a ‘charging clause’ in a director’s personal guarantee, and/or via registration of a mortgage.
A personal guarantee is a promise by a person to be answerable for a debt or obligation of another person/entity in the event that person/entity defaults. Seeking personal guarantees from directors is a common way for SMEs to limit their risk in commercial credit arrangements with other SMEs.